Procurement certainty in an uncertain economic climate

When asking clients what their biggest focus in the current volatile economic situation is, the most common answer is managing expenses effectively.

'It is never a case of simply cutting costs, but rather of ensuring that clients are managing costs effectively by knowing exactly when, by whom and for what company funds are being spent. Clients need to look at where they can possibly lower costs without crippling the procurement function and compromising the running of the company,' says Anita Carolus-Opperman, Nedbank Corporate Card National Sales, in this month’s SmartProcurement.

One way of ensuring exactly this is to implement a data feed that will complement your procurement card (P-Card) programme and the company's expense management solution. Data is key and data technology is fast evolving, so it is not surprising that more clients are seeing it as fundamental to manage expenses effectively.

The function of a P-Card programme is to realise process cost savings while providing complete visibility and enhanced control over company spend. Therefore, it is clear that having a P-Card programme and data feed into the company's expense management system is a great fit.

The aim of a data feed and expense management solution is to enhance reconciliation and cut down on the time spent on processes, thus saving costs and ultimately ensuring visibility of and control over expenses. The P-Card transaction data is fed directly into the client's expense management system and the client's enterprise resources planning (ERP) system. This makes it easier to identify exactly where money is being spent, what it is being spent on and by whom.

A great partnership between the client and its bank is critical to ensure a successful marriage between the P-Card solution, thedata-and-expense-management solution and seamless integration into the ERP system. Nedbank believes in delivering solutions for clients' pain points and work with their clients to make their card programme a success.

For more information on how your company can benefit from a P-Card programme and expense management solution send an email to Anita Carolus-Opperman at AnitaCarolusO@nedbank.co.za.

Categories:

Procurement Cards

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